OTP Bank Romania releases 5% of its 1,100 employees as it reorganizes its activity

Publish date: 17-12-2008
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The Romanian branch of the Hungarian OTP Bank will have to let 55 of its employees go next year, the first stage of the dismissing process being scheduled for January, as a result of the activity having been centralized, declared the bank's president Laszlo Diosi.

The most affected will be the monitoring, approval, pay office and back office departments, both at the central unit and at regional units.

The lender plans to focus on those business directions that can produce profits and that bring advantages, Diosi said, adding a shift of glance from large to small and medium-sized companies, to Internet Banking, Private Banking, deposits and big projects took place.

Despite the dismissal plans, OTP Bank wants to open at the most five new units next year, which are to deal mostly with the companies, not with single clients.

What's more, the bank's president mentioned the intention of buying another bank to increase the client network. Diosi proved optimistic in every respect, estimating that OTP will see profits for the whole of this year, after the third quarter was the first profitable one since the bank entered the Romanian market.

The net profit was of 14 million lei, despite nine-month losses of 4 million lei.

Losses after paying taxes in the first nine months this year reduced 87.6 percent over the similar period last year.

Incomes advanced an annual 57.8 percent in the first nine months to 163.9 million lei and revenues from commissions soared 244 percent to 29 million lei. Spending grew 16.1 percent 147 million lei over September last year. Assets added 36.1 percent year-on-year to 5.5 billion lei after credits nudged up 52 percent to 4.37 billion lei.

Externalized loans to the mother bank reached 2.1 billion lei. Retail credits rose 68.1 percent to 2.46 billion lei while the whole loan portfolio increased 35.1 percent to 1.9 billion lei.


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